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Peter Schiff Acknowledges Strength of Bitcoin ETF Buyers
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Financial commentator and Bitcoin critic Peter Schiff provided insights into the world’s leading digital asset in a recent post on X. As For According to him, the Bitcoin price crash will not go below the current level, as Bitcoin ETF buyers have not yet panicked.
Schiff: Bitcoin ETF’s Resilient Whales Will Determine Price
In particular, Schiff assessed the trading activity of Bitcoin ETF whales. Available metrics show that these large holders are unfazed by the recent drop in Bitcoin’s price below the $60,000 level in recent days.
According to CoinMarketCap dataBitcoin is currently up 3.73% to $56,536.78 over the past 24 hours. This significant increase comes after the digital asset crashed to as low as $53,900. Analysts had attributed this to the German government transferring 1,300 BTC to Bitstamp, Kraken, and Coinbase. The recently transferred BTC was worth around $75.53 million.
According to Schiff’s latest analysis, it will take a bigger drop in the price of Bitcoin for whales to give up and start dumping the asset. If Bitcoin ETF holders hit the sell button, this will further drive down the price of BTC.
Schiff predicts a similar scenario is likely next week. Specifically, the Bitcoin critic is basing his projections on a massive sell-off this weekend.
Critical Investor Alert
Recently, Peter Schiff had suggested in a chart that Bitcoin will lose about 60% of its valueSome market observers say Schiff’s predictions seem unlikely, as this would see Bitcoin plummet below $30,000.
These analysts argue that Schiff tends to lean toward bearish extremes because he is not a fan of the digital asset.
Meanwhile, Schiff issued a critical warning to Bitcoin ETF Investorsstressing that given its poor performance in the second quarter of this year versus gold, the digital asset is likely to suffer further losses.
About the author
Godfrey Benjamin
Godfrey Benjamin is a cryptocurrency journalist whose main goal is to inform everyone around him about the prospects of Web 3.0. His love for cryptocurrency began when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. Due to his vast experience in covering various aspects of Web3, Godfrey’s articles have been published on Blockchain.news, Cryptonews, and Coingape, among others.